Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Back to business, and business ain’t good. Thursday’s test of resistance at 75.48 was probed overnight, but didn’t gain traction. Thursday’s 74.90 low was probed intraday, and did. The false break’s The session’s 74.68 low stopped optimistically short of filling the nearest outstanding gap below. This both confirms the recent rally leg has been only a correction, and also that it has ended. Still, there is room down to 74.15 before signaling the downleg targeting 73.00 has resumed.
Gold Dec (GCZ) That which doesn’t kill it? Thursday’s rejection of new highs had gotten ahead of itself, so another bounce needed to test 1669.40 before a downleg could gain traction. It was tested overnight and retested intraday. The tests’ rejection barely avoided reversing momentum down, by managing to close above 1651.00. Any close under Thursday’s 1642.20 low would signal a new downleg underway. And now that the 1169.40 has been tested, any delay in triggering a new downleg could repeat this week’s earlier surge from having held 1620.00.
30-year Treasury Sep (USU) Able to leap almost every tall building. Closing above Thursday’s 133’12 close would have targeted 135’10. It was nearly fulfilled overnight anyway to within 5 ticks. That just created more room to absorb a negative reaction to Friday’s Employment Situation report, even after dipping back toward 133’12 ahead of the news. But the race is on between retesting 135’05 up to 135’10, before retracing down to 129’00.
Crude Oil Sep (CLU) The same, but more of it. Thursday’s low was probed by more than $3 to 82.87 overnight. A bounce to 88.32 was retraced intraday down to 84.35. The session ultimately closed positive, and above the decline’s extended 85.95 objective. Very extended. Closing back above 90.35 – without leaving outstanding a gap below – would signal momentum reversing up. Otherwise, the trend remains down, but still capable of forming a bottom so long as this current downleg were to contain the low.
Natural Gas Sep (NGU) Holding its own. Thursday’s lows did not extend Friday, and neither were they corrected. Interesting action that suggests the next trending attempt will be false, whether up to 4.07 or down to 3.81.
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